Interview | Bastion powers up, CEO talks becoming Sony Bank’s stablecoin engine

When Sony Bank tapped Bastion to become its sole stablecoin issuance provider, it marked one of the clearest signals yet that the world’s largest enterprises are preparing for a future built on digital dollars.

For Nassim Eddequiouaq, CEO of Bastion, the partnership is more than a milestone — it’s validation of a vision he’s been driving toward for years: regulated, enterprise-grade stablecoin infrastructure that can operate at global scale.

Fresh off a strategic raise backed by Sony Innovation Fund, a16z crypto, Coinbase Ventures, Samsung NEXT and Hashed — and drawing on his own experience at Andreessen Horowitz and Facebook — Eddequiouaq is positioning Bastion as the financial institution behind the next wave of programmable money. Now, with Sony Bank preparing its first steps into the digital asset market, he says the moment is here for stablecoins to move from edge use cases into the center of corporate finance.

In our Q&A, Eddequiouaq discusses why Sony Bank’s decision matters, what it means for enterprise adoption, and how Bastion is building the infrastructure for a more efficient, interoperable global financial system.

Why Sony Bank — and why now? What made this the right institution for Bastion’s first major issuance partnership?

Nassim Eddequiouaq: Sony Bank, and its parent company Sony Financial Group, sit within one of the largest ecosystems in the world and are in the best position to enable the adoption of financial services and technologies that supercharge the Sony ecosystem’s operations and consumer products across the board. Sony Bank’s team is also incredibly forward-thinking when it comes to new technologies and financial products, and where they can solve important business problems within the Sony ecosystem.

Their focus on issuing a USD-pegged stablecoin that is trusted, regulated, and compliant aligns with Bastion’s belief that compliance, safety, and security will drive stablecoin adoption. Bastion has always been regulatory compliance and security-first for that same reason and together with Sony Bank, we believe that we can pave the way for cheaper, faster, and better payments across the entire Sony ecosystem.

As Sony’s sole stablecoin issuance provider, what specific performance or compliance metrics is Bastion expected to meet?

N.E.: While specific performance metrics are subject to Bastion’s MSA with Sony Bank, as a stablecoin issuance infrastructure provider, Bastion must meet critical metrics to support requirements and expectations in line with the NYDFS’s Virtual Currency Guidance and the US GENIUS Act once implemented. This includes: 1:1 USD reserve backing with permitted fiat assets, timely stablecoin redemptions within two business days (T+2) of request, and conducting appropriate compliance processes where required (such as Know-Your-Customer KYC, sanctions screening, etc.).

Sony has global ambitions for digital assets — which markets or use cases will go live first, and why?

N.E.: Sony Bank is seeking approval from the OCC to launch its stablecoin under its new entity, Connectia Trust, in the United States. The anticipated launch, subject to regulatory approval, is in 2026. The plan is to first launch for internal Treasury use cases, followed by additional retail use cases where the stablecoin rails may better fit.

What parts of the stablecoin infrastructure stack is Bastion vertically owning, and what’s being outsourced?

N.E.: Bastion will be the engine that powers the management and integration of Sony Bank’s stablecoin across technology infrastructure, financial operations, risk management and compliance, and reserve management – all under Sony Bank’s charter when approved.

Bastion’s New York Limited Purpose Trust Charter, Dibbs Trust, gives every customer full flexibility on issuance. Our customers can issue under their own license with Bastion as a full-stack service provider or rely on Bastion as the licensed issuer. Because Bastion is NYDFS-regulated, this setup once fully approved aligns with the GENIUS Act’s expected licensing and stablecoin management requirements.

How programmable will Sony’s stablecoin ecosystem be for Sony affiliates? Will it extend beyond payments into areas like supply chain, royalties, or gaming?

N.E.: Stablecoin implementation is intended to improve the convenience of payment systems within the Sony ecosystem, which is essential for both internal operations and consumer use.

An important reason why Sony Bank selected Bastion is our stablecoin custody and orchestration which enables their stablecoin to be seamlessly integrated into a broad range of platforms, products, and use-cases.

The use cases for Sony Bank’s stablecoin may include powering Sony Group’s treasury operations and inter-company settlement, and in-app digital currency payments for streaming and commerce in the entertainment sector.

Stablecoin issuers face growing expectations around transparency — what does Bastion’s real-time audit or reserve-reporting framework look like?

N.E.: Transparency is core to how we operate. Bastion’s reserve-reporting framework is built around clarity, independent verification and strict daily oversight. We perform daily internal reconciliations to confirm that reserve assets meet or exceed all outstanding stablecoins and to ensure sufficient liquidity for timely redemptions.

In addition, a US-licensed CPA conducts monthly attestations under AICPA attestation standards. The auditor verifies the market value of the reserve assets, the quantity of outstanding stablecoins, full 1:1 backing including reconciling items, and compliance with all NYDFS-imposed conditions. These monthly reports are submitted to NYDFS.

This structure provides a transparent, regulator-aligned assurance model that gives institutions confidence that reserves are fully backed, liquid, and independently validated.

How does Bastion handle custody and operational security (e.g., MPC, HSM, custom infrastructure)?

N.E.: Bastion uses a bank-grade layered security setup instead of relying on any single system. Private keys stay inside cloud HSMs and secure hardware enclaves, which are locked and tamper resistant so the keys never leave and no one at Bastion can access them. Any sensitive action requires multiple approvals with full audit trails. No individual, machine, or location can move funds on its own. It is the level of operational security a company like Sony Bank expects from its core financial infrastructure.

You’ve said Sony’s involvement is a “powerful endorsement.” What do you see as the remaining blockers for Fortune 500 stablecoin adoption?

Roadblocks have dissolved significantly in the last year. We’re no longer at a stage where companies are assessing if they should be implementing stablecoins, but instead how they should do so. Interest is as high as it’s ever been and appetite is coming from many of the world’s largest enterprises, including Fortune 500s. For major enterprises choosing the right partner is critical – the set of rules that apply to stablecoins are very similar to traditional fiat but the actual implementation is completely different – working with a partner that understands the ramifications of every step of the process is very important. 

With PayPal and Circle pushing enterprise stablecoin integrations, what is Bastion’s clearest competitive advantage in this landscape?

Bastion is purpose-built for enterprises and financial institutions that need regulated, scalable stablecoin infrastructure. Our advantage is multifaceted. Bastion operations are regulatory-first, making compliance the center of everything we do and we provide full-service support to clients offering secure and compliant stablecoin issuance, wallets, on/off ramps, cards, and yield products. Unlike other operators in the stablecoin space, we do not have our own stablecoin, we work on behalf of clients to issue white-label stablecoins to support individual businesses at a global scale.

Looking ahead 3–5 years, what does a “stablecoin-powered future” actually look like inside a global enterprise like Sony?

A stablecoin-powered future inside a global enterprise like Sony means money moves around the world with the same speed and reliability as data, 24/7. Treasury teams can settle across subsidiaries in seconds instead of days, including weekends. Streaming, gaming, and commerce products can run in-app payments on stablecoins instead of card rails, with far lower fees.

For users, this translates into better experiences and products that enable instant, inexpensive global payments. It also opens the door to entirely new products that only become possible once payments are instant, programmable, and efficient worldwide.